If you own a manufactured home (also known as mobile home), you might wonder what goes into the cost of manufactured home insurance and how it’s different from traditional homeowners insurance. Manufactured home insurance is similar to the coverage provided under a homeowners insurance policy with two major differences; the difference in construction and valuation of the home over time.
First, a manufactured home is more likely to incur structural damage than a traditional home due to the construction materials and the anchoring mechanism. The building materials used for manufactured homes tend to be lighter weight, creating a higher risk for fire damage. A traditional home is built “on-site” using traditional building techniques that meet either a local or state building code. The manufactured home is anchored to the ground, which is not as secure as a foundation and leaves the manufactured home more exposed to damage from severe weather, such as high winds. A home built onto a foundation has a lower likelihood of major damage or total loss from weather events.
Second, is the ability of the home to hold its value over time. A manufactured home depreciates or loses value over time, which could cause the insurance rate to change. On the other hand, most traditional homes tend to hold their value, appreciate or increase in value over time.
Owning a manufactured home has unique benefits, but it also requires having the right protection. Our consultants will work with you to find manufactured home insurance coverage that makes sense for you, your possessions and your home. Contact us at 800.277.0013 or request a quote.